Cabot Properties has sold a three-building shallow-bay complex in Bergen County for $17.28 million to a joint venture between East Capital Partners and Westport Capital Partners.
JLL arranged the off-market sale and acquisition financing for the deal totaling approximately 73,000 square feet, comprising properties at 53 W Century Road in Paramus, 100 Galway Place in Teaneck and 490 S Dean Street in Englewood.
Additionally, JLL secured $9.7 million in acquisition financing for the buyer through Aegon Asset Management.
The portfolio consists of last-mile shallow-bay industrial buildings constructed between 1962 and 1968, with renovations completed between 2005 and 2011. The portfolio is 100% leased to three tenants serving the automotive aftermarket distribution, technology solutions and consumer products sectors.
The portfolio is within 20 minutes of New York City and provides direct access to Interstate 80, Interstate 95, and the George Washington Bridge.
There are more than 2.9 million consumers within a 30-minute drive of the property and 12.5 million within a 60-minute drive, thereby connecting tenants to the densely populated markets of Northern New Jersey and the New York City boroughs.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Jason Lundy and Nicholas Stefans, Senior Director Ryan Cottone and Senior Analyst Luke Ceccoli. Director Ryan Carroll spearheaded the JLL Capital Markets Debt Advisory team. Executive Vice President Doug Rodenstein and Executive Managing Director Chris Hile provided leasing advisory.
“Multi-tenant, small-bay industrial portfolios continue to attract investor demand, especially in Northern NJ infill submarkets, where leasing velocity remains robust and new supply faces headwinds,” said Lundy.
JLL managing director Nicholas Stefans said in a release that East Capital’s operational expertise with this product type was a key factor in executing the sale.
